Problem Set 1 HW - Spencer Whittaker Problem Set 1 1 By...

Info icon This preview shows pages 1–2. Sign up to view the full content.

Spencer Whittaker Problem Set 1 1. By saying that certain very talented people have a comparative advantage in everything they do this quote must be implying that their opportunity costs of performing whatever they are doing is less than it is for another person. However, even the best at doing something do not always have the comparative advantage. Lets say a kid could write 100 words in an hour and cook 30 cookies, even if his competitor only writes 25 words in an hour and can cook 10 cookies, the competitor still has the comparative advantage in writing because he only loses the opportunity to cook 10 cookies as opposed to the 30 that the talented person would lose. The quote would make more sense if he said that some very talented people have an absolute advantage in everything they do, because this would imply that some people can do everything better of faster then most people. 2. In the case of this argument, since the tax that funded the new convention center was taking from a raise in the hotel tax by one quarter, in some sense it was all tourists and visitors that ended up funding the new center. Since it is more likely that out of town visitors would be staying in a hotel than current residents of Orlando, the argument is actually pretty logical. Orlando being very known for its
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern